The Bank of Ghana's Monetary Policy Committee maintained the monetary policy rate at 14% despite global geopolitical tensions in the Middle East, which caused energy prices to rebound above $85 per barrel and depleted foreign reserves by over $1 billion. The committee judged that the current policy stance remains appropriate to guide inflation into the medium-term target band of 8% plus or minus 2%, while allowing time to assess evolving geopolitical developments and their potential impact on the domestic economy.
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BoG Governor assures Ghana’s foreign reserves remain strong despite decline | The Pulse (22-7-26)
Added:the committee's decisions on the monetary policy rate.
So I'll start with the global front. On the global front, the easing of geopolitical tensions around mid June proved short-lived. The renewed escalation of the conflict has led to another closure of the street of Homus and triggered instability in energy markets.
Notwithstanding these developments, global economic activity has remained resilient, supported by substantial investments related to artificial intelligence, particularly in the United States and China, as well as the draw down of crude oil inventories to ease supply pressures arising from the globe from the conflict. Consequently, the IMF projected global growth at 3% in July 2026, broadly unchanged from the April 2026 forecast of 3.1%.
A further escalation of the conflict could however weaken the near-term growth outlook.
Now, crude oil prices have rebounded above $85 per barrel following the renewed conflict together with supply chain disruptions. This is expected to further slow the pace of disinflation across several countries.
In response, most central banks have paused their monetary policy rate cuts.
Global financing conditions remain broadly accommodative in both advanced and emerging market economies.
However, with heightened uncertainty and emerging inflationary pressures, financing conditions could tighten in the near term with adverse implications for emerging developing economies such as Ghana.
Domestically, economic activity remained resilient in the first quarter of 2026.
Real GDP growth was 6.4% driven by the services and industry sectors compared with 6.2% growth recorded in the same quarter of 2026.
The bank's composite index of economic activity CIEA which tracks highfrequency real sector indicators pointed to a sustained increase in economic activity.
The CIA recorded annual growth of 13.4% in May 2026 compared with 4.4% in May 2025.
Credit to the private sector, international trade activities, industrial production and tourist arrivals all contributed to the improved economic performance during the period.
The latest confidence surveys conducted in June 2026 showed positive consumer and business sentiments supported by optimism about growth prospects, subdued inflation, and declining lending rates.
Headline inflation increased to 5.3% in June 2026 from 3.7% in May. The uptick was driven by increases in both food and non-food inflation.
Food inflation rose to 3.9% in June 2026 from 3.3% in the preceding month.
Similarly, non-food inflation increased to 6.3% from 4.1% over the same period.
Despite the increase, inflation remained below the lower bound of the medium-term target band of 8 plus or minus 2%.
The June inflation outturning was driven primarily by base effects and a temporary increase in transport fairs following the surge in crude oil prices that was experienced during the period.
The bank's core inflation measure which excludes energy and utilities also increased in line with headline inflation.
In addition, survey based inflation expectations among consumers, businesses and the banking sector rose broadly but remained anchored within the target bank.
Growth in monetary aggregates strengthened significantly in June 2026 compared with the previous year.
Reserve money recorded annual growth of 31.7% in June 2026 compared with 2% a year ago.
This reflected an increase in the net foreign assets of the central bank and the effect of changes in reserve requirements on banks reserves.
Similarly, broad money supply or M2+ grew by 28.5% in June 2026 compared with 15.6% in June 2025.
The expansion was driven mainly by a buildup in net foreign assets of the banking system.
Now in the money market, interest rates on government's short-term instruments moderated. The yield on the 91day benchmark treasury bill declined to 5.3% in June 2026 from 14.7% a year earlier.
In the same direction, the Ghana reference rate eased to 10% from 23.8% over the same period.
Average lending rates for the banking sector also declined to 15.6% from 27% a year ago.
In response to the eased cost of credit and stronger demand, private sector credit grew sharply by 41.2%. 2% grew by 41.2% in June 2026 compared with 8.6% in June 2025.
In real terms, private sector credit growth stood at 34.1% year on year. On cash basis, fiscal performance in the first quarter broadly reflected strong expenditure restraint amid re revenue shortfalls resulting in better than targeted balances.
The public debt stood stood at 720.8 8 billion Ghana cities equivalent to 45.1% of GDP at end May 2026 from 500 from 613.4 billion that represented 42.8% of GDP at end December 2025.
The banking sector recorded robust performance in June 2026 with strong asset growth, improved solvency and enhanced asset quality. The total assets increased by 30.7% to 502.4 billion cities supported by growth in deposits, borrowings and shareholders funds.
Banks solveny improved with the capital adequacy ratio at 20.4%.
Strengthened with the non-performing loan ratio declining to 16.1% from 23.1% over the same period. Notwithstanding these improvements, elevated credit risk remained a key vulnerability and continued adherence to credential and regulatory measures are expected to further strengthen asset quality and reduce the level of MPLs across the industry.
Now on the external sector, the sector recorded a strong performance in the first half of 2026, bolstered by robust export earnings despite a sharp rise in the import bill due to higher energy and related cost associated with the Middle East conflict. The the trade surplus improved significantly to $8.8 billion, up from 5.8 8 billion in the corresponding period of 2025, reflecting strong growth in gold and cocoa export proceeds.
The current account surplus expanded to $5.1 billion from $4.1 billion in the same period last year.
The stronger current account outing together with a larger capital account surplus strengthen the overall balance of payments position.
At the end of June, gross international reserves stood at 12.9 billion US equivalent to 5 months of import cover down from 13.8 8 billion equivalent to 5.7 months of import cover at end December 2025.
The decline in reserves reflected elevated energy related payments arising from the Middle East crisis.
Notwithstanding the decline, the current level of reserves provides an adequate provides adequate buffers for the economy to withstand external shocks in the interbank market. The city came under demand pressures in May but has since recovered. In the year to 17th July 2026, the city cumulatively depreciated by 9.5% against the US dollar.
In taking the monetary policy decision, the MPC noted that the renewed Middle East conflicts and associated disruption of trade routes have reignited volatility in energy markets.
These developments could disrupt global supply chains and dampen global growth.
Disinflation trends in several countries have stalled as energy prices have risen sharply, prompting many central banks to pause their monetary policy easing cycles in response to emerging inflationary risks.
Although global financing conditions remain relatively accommodative, the persistence of these external shocks could result in tighter conditions with adverse effects transmitted through the trade and financial channels of emerging markets and developing economies.
The MPC acknowledged that domestic growth has strengthened during the year as evidenced by robust first quarter GDP growth and the latest CIA outcomes.
Positive business and consumer sentiments and an easing credit environment and the significant increase in private sector credit growth are expected to boost economic activity going forward. Continuing improvements in the trade balance and adequate reserve buffers. These are also expected to enhance the economy's capacity to navigate heightened global uncertainty.
Recent price developments indicate that inflation has edged closer to the lower bound of the medium-term target band driven largely by base drift effects. by base drift effects, inflation expectations and core inflation measures. These have also increased but remain broadly with within the target band. The July forecast remains broadly unchanged from the previous MPC round with headline inflation projected to rise gradually into the target band.
potential upward adjustment in utility tariffs together with escalating geopolitical tensions in the Middle East and the associated increase in crude oil prices. These present upside risk to the inflation outlook.
On the downside, continued fiscal consolidation and an appropriately calibrated monetary policy stance. These should help moderate these risks going forward.
Now given these considerations the committee the MPC by a unanimous decision maintained the monetary policy rate at 14.0%.
The committee judged that the current policy stance remains appropriate to guide inflation into the medium-term target band while allowing time to assess the evolving geopolitical developments and their potential impact on the domestic economy.
Now on theformational note, the next monetary policy committee meeting is scheduled for September 22nd to 24th, 2026.
That meeting as usual will conclude on September 24th, 2026 with the announcement of the man the the policy decision. Thank you.
Thank you very much, Chairman Dr. Johnson Pandit Desama. If you've just joined us, this is the 131st MPC press briefing and we just heard from the chairman the decision of the committee the policy rate has been maintained at 14%.
We are also live on join news, Ghana web, BNF daily graphic and of course on all the bank of Ghana social media channels. So members of the press, we just heard the chairman of the committee. So let's hear from you if you have any questions to that effect. Thank you. Please, as we do with mention your name, the media house you represent and of course for brevity, let me repeat that. of brevity. This is transcribed and yet if it gets a bit more long- winded it gets very difficult for us to put it out there. So simple straight to the point. Thank you.
>> Good afternoon governor. My name is Joshua with the business and financial times. So um during the opening of the MPC you did mention concerns regards to liquidity and I want to understand what has been the impact of the um CR that was introduced that was in May and also in July you mentioned that the um the bank had stopped financing that gold board. What has been the impact so far?
Thank you.
Good. My name is Tom Mary from Corporate Guardian magazine.
Just to add to what Joshua said right now, I want to know what has been the impact of the um move from uh 56 day bank Ghana bills to 14 day >> um bank Ghana bills in terms of your liquidity management. And secondly, so you mentioned you that monetary growth has accelerated seriously over the past one year from June this year against June last year. Now under the current circumstances, are you looking at cing liquidity growth as measured by N2 plus to help inflation even though it's below your um lower band or are you looking at allowing monetary growth to remain heightened to further increase um uh economic growth?
Yeah, my name is Noah for the reports for No Report. Just to add to what Thomas said, you know, Mr. Governor, I want to find out from you what threshold or evidence [snorts] if I will put it would convince the MPC that this is no longer a temporary normalization. If you look at inflation as it is, that is no more a normalization, but a renewed inflation cycle requiring a policy rate increase. At what threshold or evidence do you need to be able to look at that, Mr. Governor?
>> Um, yeah, please put the microphone. Yes, let's deal with these ones first. In total, we have about five questions. So, we'll come back to you, Governor. I think we we can take >> Right. So as usual, let's start with the last one first. Um Novan is asking uh whether this is the end of the cycle.
Is that what you're asking? Uh whether we are seeing a a new a renewed Well, um from the global scene, you are aware that there's a um a renewed, you know, volatility, you know, in terms of uh the crisis in the Middle East. Um at the last MPC meeting I took the time to explain how that impact on Ghana through higher energy prices and the likes. Uh what that means is that that impact you know is is expected to continue. Um we have seen core inflation also picking up you know uh right now the last MPC session core inflation was on the decline. So there's been some changes in some of the underlining factors for which reason we think uh that policy you know has to um um take these into account. That notwithstanding based on our projections we believe that in the outlook uh inflation will still fall within the target band but that note with that again requires that we stay vigilant uh on the risks uh going forward. If you ask me about my sense of the if you like the biggest threat to inflation going forward um I can give you a number of them. The global risk is the first one. Whatever happens in the street of Homos, if it turns out to be persistent, as I've always said, that could impact on the outlook. Uh utility price adjustments as you know that also impacts on inflation going forward. Um so those are the upside risks that the committee considered. uh but that said uh vigilance is the word and and through this policy action uh we are taking the action uh to ensure that the risks in the outlook are properly contained.
Then um Toma Toma was asking about monetary growth right is that the case and whether that poses any risk to inflation. Not exactly. Uh the committee took note of the fact that reserve money growth has has picked up um uh you know and the likes. But at this MPC round that is not one of the upside risks uh that we are we have observed.
And you asked about the movement from 56 day to 14 day and the likes. Well, you know the MPC conceptualizes monetary policy and then the next leg is to implement that monetary policy conceptualized and so it is down to liquidity management and how efficiently uh this is done. A number of tools that we use in doing this. There used to be the 56 day uh longerdated instrument that we made use of last year. Uh we have um you know moved away from that.
Currently we use the 14-day and then of course there's the overnight as well the standard facility uh window.
There are considerations to come down further to possibly introduce a 7-day uh going forward but we will let you know when that change occurs. But in all this what we seek to do is to manage liquidity efficiently. When we achieve that we are able to attain our inflation objective and so we continuously assess these on a weekly basis the liquidity conditions in the system and we adjust these instruments accordingly. So that is what has been going on. [snorts] Then the first one um whether the bank of Ghana has stopped financing the gold board. Yes, I mentioned that on Monday uh with effect from uh July 1st uh this month. Bank of Ghana is no longer funding uh or we are going to move away from funding the gold board you know alone [snorts] uh to a regime where we are no we are no longer you know running the transaction like the way it used to be.
uh that also means that the cost of those activities um as we communicated these are quasi fiscal activities and so government has stepped in. I believe in the in the midyear uh budget statement tomorrow you'll hear the minister of finance make some statements in that in that regard. The implications of that number one is that it would um sort of reduce the pressure on our financials going forward. But let me also emphasize that what gold board does is an important part you know of our framework on exchange rate management. So there would be greater efficiency. uh I believe that the cost of the ASM gold transaction will go down and and and together we'll be able to manage the exchange rate more efficiently but it will be done as a quiz fiscal policy or fiscal policy uh going going forward then there was some uh the first question was uh about liquidity impact I did not get that quite well the impact of the CR the change in CR at the last MPC round. Well, uh it's still uh early days uh but we've been able to withdraw over over 12 billion or so um head of head of financial markets about 12 billion thereabout from the system. uh in terms of liquidity management we have attained our objectives all banks are compliant uh you know with that new framework currently but [snorts] like I explained at the last MPC round remember the CR rate used to be somewhere around 8% or 9% for a long time and and so we are in transition ultimately we will get there we [snorts] are aware that a couple of banks due to their peculiar nature uh may have some asymmetric you know impact of this policy. We are in discussions with them in that regard but we are in transition and uh we are observing the impact of that but so far so good. We think that our objectives have been attained then um that's all that's all for this round. Okay. Thank you.
>> Thank you very much chairman Dr. Johnson Pandit.
>> Yes. Let me let me take a call first you can follow. Thank you.
Hello. Yeah, my name is Adnan.
Come here.
>> You are not echo.
Um, thank thank you, Governor. Uh, governor, just back on the on the gold ball thing. I didn't get you quite clearly. If you stop giving seed funding to gold board, how do they get funding to continue their operations? How do you then get to buy something you haven't invested in? Would you buy it on the open market? How do you buy it? And we also understand they may be selling some FX or commercial banks. Um can you please give us a bit more clarity? Um it it will help everybody. And finally, will that complement or substitute your regulatory intermediation especially regards to the currencies you do with banks? Thank you.
>> All right. My name is Adan Adams. I work for the news guide. Um my question is to as on the um private sector credit.
So that's the announcement from the governor of the bank of Ghana. The monetary policy rate has been maintained at 14%. Let's get more on this and uh go on Zoom right now and speak to uh Professor Williams Pepa. We will also come into the studio and speak to joy business editor George Riyafi George.
But in the meantime, we have to go on Zoom and uh engage Professor Williams Pepa. Professor Pepper, welcome to the program. What do you make of the new announcement by the governor of the Bank of Ghana?
>> Uh good afternoon to you and good afternoon to your cherry vu viewers. Um so um listening to him carefully and also looking at what is happening globally um the MPC um looked at two main things and that is what we normally when you are doing these kind of things you look out for. What is the um inflation expectations which is driven by both domestic and external factors and then what is the core inflationary pressures. Um so if you look at what is happening externally especially in the far east um there is this um still ongoing war between us and Iran >> which is which is which put us in an unknown on uncertainty let me put it in that way so they try to be very more careful in in their decision. So the 14% rate is a wait and see attitude. And if you listen carefully to the governor, he said if you if you were to ask him his um greatest worry, his greatest worry is this um global event of this war in Iraq because it has a lot of um impact affecting energy and one major issue he talked about um which I'll come back to it again which is when you mentioned that um Ghana's um draws domestic draw now reduce in in um a little bit and he he mentioned that the main driver was the energy energy cost and the energy cost is going up all because of um what is happening in the street of Amos >> okay >> 25% of of crude comes from there and if there's not that uncertainty it can really affect the global market and Ghana is not left out >> uh the governor also spoke about the fact that they have effective the 1st of July stopped financing gold board. What do you think are the likely implications from this new directive from the central bank?
>> So I mean the gold ball model as we all know uh have to is going to be changed is going to is going to affect where they get financing from. Um so Bank of Ghana was giving them loans to to do the purchasing.
Um I'm I'm hoping that the finance minister tomorrow will have to tell us that yes he has given a lot of um money in terms of equity government equity to gold board to be able to run that that that part of operation.
Uh or they they allowing gold ball to go into the open market to borrow. Uh my fear is that if if gold ball goes to the open markets to borrow um we may see a little bit of crowding out because all banks will prefer to deal with a company that buys and sell gold.
>> Um so that is the only major major impact. Um let's admit the gold board model is what has been able to um strengthen our currency. Um so even though the central bank is not going to give them facilities but there are other tools uh [groaning] that they can they can and technical advice they can still give to the gold board. I know the governor himself sits on the uh gold board.
So he will share information with them for them to know that hey what you are doing really um impacts our operations.
So this is very very something that is very key.
Just let me mention for gold board to be very successful. I'm expecting the finance minister tomorrow to to tell us that yes um in a lot of money in terms of Ghana's equity will be will have to be given to them to be able to support the gold operation. M well the minority also held a press conference earlier which they say I told you so in their own words about uh this uh the withdrawal of support from the Bank of Ghana to uh the gold board. Of course it's early days yet it's less than a month since that uh directive came into effect. But in hindsight do you think that this shouldn't have happened in the first place? is the withdrawal of support from the bank of Ghana.
>> Um so let me let me say that the gold board model um just started with this new government and they someone had to provide some funding anyway.
>> So at the time you all know the the financial pressures on on on government in terms of from the ministry. So the bank of Ghana was used as a tool to support good board >> right. So if good board bank of Ghana is exiting now or has exited uh it means that gold board must be financed and I'm sure for for their operations um one year and 6 months by now they would have had a lot of uh capital or liquidity to be able to continue their operation.
What I'm I'm envisaging is that probably maybe gold board will be more careful with their expenditure plans, >> right?
>> Because they're not going to get that kind of free money from Bank of Ghana and they have to focus more on their core mandate. Um we noticed that recently they've as part of their mandate. he signed some agreement with Ghana water and and then then I think with uh some reclamation activities, they may have to be very careful with those activities, extra activities so that it does not affect the amount of capital they need to go into buying and selling of of gold if needed.
>> Right. Williams Pepra is a professor of finance at Andrews University in the USA. Thank you very much for always heing to our calls. Professor Pepra, let's take you back to the central bank where the governor Dr. Addison is still addressing uh the press. Dr. Sama, I beg your pardon, is still addressing the press.
>> Don't fall. We will see greater uh recourse to private sector lending by the banks. I mentioned a number of things we are doing you know to support credit provision by banks. Um I mentioned for example the new digital credit we are bringing on board. Uh we are working with banks to strengthen their risk management frameworks you know and the likes to be able to give greater credit. Several other measures we are introducing we should see uh private sector credit at higher levels.
Then echo echo my good friend was asking about gold board in terms of what we are going to do next.
>> [snorts] >> We are still in discussions with them.
Um from where we are now uh gold board has a number of choices. Either government takes up uh its funding entirely or resort to the markets the use of the markets to fund it and then when the markets fund it what happens to the effects that are associated.
um we still have a role but that that context is still being discussed uh with the gold board and I'm sure the market will be informed very soon. Um you were asking if that will complement what we are doing now. Certainly yes certainly yes remember last year the impact on our financials was quite significant. Uh so since then a number of steps have been taken and this change is actually part of the reforms uh you know so that we continue to benefit from the activities of gold board but then at the same time we stem the impact on the central bank's balance sheet. Um I believe that is all that is all for the second round.
>> That's all for the second round governor. So, if you've just joined us, this is the 131st MPC press briefing and the monetary policy rate has been maintained at 14%.
We are also live on CTFM and at this point, let me use this opportunity to invite sorry yes to welcome our observers from the University of Ghana specifically from the department of economics and the [clears throat] University of Ghana Business School.
most welcome to your first MPC press briefing. Right. So, next round of questions.
Hello. Thank you. Uh this is Moses also from Bloomberg. Governor, what is your forecast for economic growth um after what we've seen for the first half? And do you think the resurgence of conflict in the Middle East could have any um impact on your outlook?
>> Ghana, my name is James with Joy News.
Ghana, I want to know foreign reserves declined to 12.9 billion.
One, I just want to understand should Ghanaians be concerned about the pace of reserve depletion if the geopolitical tension persist and also how long can our reserves withstand the external shock if crude oil should go above 115 especially with respect to the fact that you made mention of the fact that energy pressures cause us more than 1 billion decline in reserves.
James, good afternoon. My name is Francis Into. I work with the Ghana News Agency.
First, I want to find out to make mention that the city has seen a recovery. How long can this recovery be considering the continuing h volat volatility on the global front and I also want to find out the updates on the non-interest banking the last time we met you made mention that one uh bank has applied for the license what's the process so far and I also know that other banks are in the process of applying where have they reached so far thank Yeah.
>> Hello. Can I ask a question? I'm Isaac Adu from the High Street Journal and if you have um at what stage is it?
Then also um what's the latest on SG's planned exit from Ghana? Um the last one is um you know Stanart has announced its exit from retail operations in Ghana. What's your reaction to that? Thank you.
>> Right. So that's the end of um questions for this one please >> governor.
>> Yes.
>> Right. Thank you very much. So again let's start from the last one. The planned exit of SG SJ Bank it's on course you know this is a process normally uh you have to go through a number of stages. Uh we made some progress. We are in touch with them. uh and that transaction is ongoing. I would want to leave it there. If you want further details, you may have to speak to SG directly.
Then um the next one if we can confirm which was that women's uh bank well we are in discussions with government. Uh you know it's not a new concept. It's something we've been discuss discussing with government since last year.
>> [snorts] >> um some approaches have been made and you know to license a bank it's also a process there are requirements there are reviews we have to cross check or you know some of the data so we are we are involved in that stage um um I'm sure tomorrow in the midyear budget uh the minister of finance may you know make some pronouncement to that effect but all I can say is for now we are in touch with them discuss discussing uh that issue.
Then the non-interest banking that also is a new um innovation we are bringing on board. Uh so far we have received one application. Yes, you are right. We are reviewing that. We are open to receiving you know other applications. they will be dealt with um accordingly and if found to be adequate um we will we will go ahead to the next stage stage of licensing but for now all I can say is that we are reviewing the application that has come uh on board uh we'll let you know when that review is complete then on the CD how long can these well when you have a global shock as just as any other country. Um there are a few ways it impacts on your country. Either if you have a flexible exchange rate regime as we have the exchange rate may take some of the pressure or your international reserves may take part.
That is just a way for for the country to adjust to that global shock. um as you know up to this point now Moses uh was it Moses someone else asked about reserves depletion I I don't think I want to call it a reserves depletion at this point um remember these were you know expenditures these were you know certain expenses that had to be covered [snorts] remember there was a repayment of a sovereign sovereign born or so right director research there was a repayment of how much 700 and something uh there are related you know government payments that have to made all part types of imports that have to be funded and then the greater oil bills right that also have to be settled and so these were legitimate legitimate you know uses of the foreign exchange that was done going forward we are looking at ways you know to adjust to that shock if it turns out to be a permanent one. Uh rest assured our reserves will not get depleted.
Our our trade trade you know our trade balance is still in surplus right the capital account is still in surplus and so what it means is we have to look at other ways of earning foreign exchange and and and that will be done. will make sure that our reserves level remains at comfortable levels uh going forward and that is if the global shock turns out to be a permanent one.
The question by Moses um I missed it a little bit. Moses, can you the forecast for the year around 6%. Put it around 6%. From as of now around 6%.
Well, yes, the Middle East conflict conflict. It will have an an effect.
I've explained the channels of transmission, right? the trade channel, the energy price channel and what have you. Uh let's hope somehow a solution is found. A few weeks ago, we're all relieved. We thought, you know, after signing that, you know, the parties were going to, you know, settle uh for peace.
Unfortunately, things change rapidly. Um so, we are observing by the day uh to to to to make sure that the gains we have made so far are protected. Can I ask a quick followup question?
>> Yes.
>> Yeah. So, uh, related to gold board, assuming they start FX auctions, would the central bank participate as you know like the commercial banks?
>> So, I mentioned earlier that we are still in talks with both the gold board and ministry of finance on the specifics when it comes to you know that entire transaction going forward. Um I will hesitate to give you specific answers as of now. Uh but after we are done with the negotiations, we will now be able to tell you the role the central bank will play going forward. But whatever it is and whatever relationship we end up with, it will support the framework that we have currently >> on Stancha's planned exit. Whether we have a comment on >> Oh yes, the the so as of now uh we have received that notice from Stancha. We have asked them to give us specific details and we are waiting to receive those details and then we can take it forward. Uh that is all I can say at this point.
>> Thank you very much chairman Dr. Johnson Pandit. Before we go to the last round of question, let me remind you that the chairman of the committee is here with other members of the MPC. And just by way of information, the MPC is made up of seven members. We have the governor as the chair. We have the first deputy governor, Dr. Zakarani, who's right here with us. We have the second deputy governor, Mrs. Dr. Philip Abotu who is head of our research department Mr. Jean Abzau, head of treasury or the fin head of treasury.
Professor is also here and professor fusel Texan. Professor is at the University of Ghana business school and professor Ibot Texan with the University of Ghana economics department. So we'll do the last round of questions.
Not so fast. Not so fast. And again I'll remind you um to be you know quite straight to the point and keep out the narratives to a very large extent. Thank you.
>> Okay case sorry Ghanian times.
Uh governor I want to find out uh the value of unclaimed balances of banks being held by the bank of Ghana. What has been the trajetory over the years and what is the money being used for?
Thank you.
>> Okay. All right. Thank you very much, Governor. Um, in November 2024, you issued a climate related financial risk directive [clears throat] asking banks and non-banks and SDIS to develop uh climate policies. You said the banks should have it on their tables by January 2026 and SDI and non-banks by January 2027. I'd like to know with what we recorded and in June, I mean when it comes to flooding, are the banks adhering to this and how have they mitigated the risk that they recorded with the policies that they drafted?
Thank you.
>> And then thank you very much. My name is Justice um from the Shinua news agency.
So talking about um setting up a new state bank. So some stakeholders have been you know clamoring for the central bank to dispose of its interests in some of these state banks for instance ADB and then um the other one NIB and so on.
So I would like to find out if there's been any discussion as how the bank is going to dispose of this interest. For instance, you have Sega which is the state interest and governance agency which is supposed to be holding the interest of the state in such businesses. So has there been any discussion in that direction as to where and It's me, Azar. Hey, >> you look fresh.
>> Wait till you see what's inside me.
>> Aar for greater coverage and colors that last longer. Aar number one from Azar Group.
>> Consumer and business uh confidence have declined for two consecutive rounds.
um what is um the reason for this if you can um share with us and then what are the um what is the bank doing to restore confidence? Thank you.
>> Okay.
>> Okay. Uh my name is Bright. I work with Metro. Finally, Governor, in your answering the reserve question, you mentioned that some of the reserve have been used to pay um some make some expenditures. Please are you able to tell us how much is spent on that difference the 1.2 2 billion that we are reading as being the difference from the reserve short and then you say we shouldn't say depletion >> but it's rather something else. Could you please explain that and uh this is the third consecutive time that the monetary policy rate is at 14%.
Is there any what what is the actual reason why we maintaining it here? what is working and what is not working.
Thank you >> governor. My name is Belinda Anan Kwansa from Wizard TV. Now Governor, despite a sharp decline in Treasury bill yields and average lending rates, um they're still borrowing uh with businesses and they say it's very very expensive. Is the bank satisfied that the benefits of lower interest rates are reaching businesses quickly enough? Thank you.
Follow >> right.
>> Uh Mr. Governor >> well we'll come to the last one.
>> We are done. Okay.
>> So I'll pick them one after the other.
um why the monetary policy rate has been maintained for three consecutive meetings.
So our decisions are always based on the balance of risks.
You know there are factors based on our assessment that p upside risk. There are other factors that post downside risk.
You know talking about the inflation, talking about growth. So at the end of the day it's the balance of that that that you know those two types of factors and where they are tilting towards that is what informs the decision and [snorts] remember the decision is not taken by just me there are seven of us so there's a submission by each member since last year we've moved moved on to you know um not just a consensus but towards a majority decision So the decision is based on what the majority of the seven members you know decide and then that becomes binding on everybody. So that is why you see the MPC rate being maintained in the last three MPC sessions uh in the last two rather uh it's just based on uh the assessment by the MPC members.
Then the question on climate related you know guidelines that we have issued to the banks as you mentioned they have up to January 2026 or so in the case of banks uh 2027 in the case of banks and then later on in the case of others it's still early days it's still early days indeed but I agree with you the experience with the recent flooding you know problem uh proves that we need to take these risks seriously, you know, going forward and and and we will do that as a central bank to make sure that the credit decisions that are made by the commercial banks, they always integrate environmental concerns in making those decisions.
Then Adobe was asking about Bank of Ghana disposing of issues in banks.
Well, [snorts] very much so. I can tell you in the case of um agre development bank we still have some residual shares is it about 13% or something yes in ADB [snorts] the bank of Ghana board has taken the decision that we should dispose of you know that shareholding um and so with time I'm sure later this year that that will be done um remember the elephant in the room um the global financial shocks that we are contending with yes it is being felt by local consumers and then also the businesses so it's not surprising [snorts] um at the MPC we also take some presentation from the Ghana from the chartered institute of bankers they also conduct some surveys very very interesting survey that they presented to us we have assessed all those uh we believe that at this point um you know we do understand that any [snorts] uh sort of changes in assessments is largely because of what we are experiencing uh by way of the global shocks.
Then next question I saw um benefits of lower interest rates. Lower interest rates are good for everyone. Um private sector people can you know borrow lower. We are still committed to that. We want to see businesses, you know, assess funding, you know, cheaper funding because then they can expand, they can create jobs. But it's a process and as you know, as running an economy, you always, you know, you are faced with global shocks, you are faced with domestic shocks, you are faced with exogenous shocks. When those shocks come in your way, you need to adjust to them.
And so we believe that by the time the shocks we are facing now edge out uh we will see a return to that lower interest trend that we're seeing uh from last year.
You've been listening to the press conference by the governor of the bank of Ghana, Dr. Johnson up there. Let's come into the studio and speak to Joy Business editor George Rafi is also joining me in the studio with more. George, what do you make so far of the announcement by the governor of the Bank of Ghana first with the maintaining the monetary policy rate at 14%. I mean if you've been following the market it was expected the the governor of the bank of Ghana has always maintained that it's about the data and the data and what is the data saying the data was pointing to a possibly possibly maintaining the rate or a hype to try and check inflation what is the main mandate of the bank of Ghana what they look at is what they call the inflation targeting all the monetary policy tools available to them how can they check inflation to ensure that it is within their band or target so that they control the liquidity in the system and ensure that it doesn't impact on the Ghana city. What is this whole policy rate about? And this is one of the several monetary tools that the bank of Ghana uses to check inflation in the economy. That is the rate at which they will lend to the commercial banks when they come to lend to them. If that rate is is high, the commercial banks not being for the Christmas, they will also pass on that cost to you and that goes a long way to try and make it difficult to access funding in trying to mop up what the Bank of Ghana would always want to call the excess liquidity in the system.
Now the Bank of Ghana when they met over the past two days they've reviewed a lot of things. Indeed, if you the governor highlights how development in the city of is impacting on the economy, right?
Crude prices are going up. I think it should we should be within the 90 range as we speak right now. And what does it mean? The governor talked about how our international reserves are depleted by more than $1 billion and that was due to energy related cost. It means that we are now spending more to bring in the same volumes of crude for power generation and also finished petroon product to the pumps and even powered machines as well. And that has impacted on the reserves as well. Recently government also made some payments to the euro bone holders and that is where indeed the governor is saying that if this situation should persist it could come with some challenges for the economy. The governor is also talking about the fact that he's worried about the impact on inflation going forward and tariffs because if the inflation will go up, it will also be fueled by the tariffs also going up and even transport fairs as well. And he has raised all these issues. And he thinks that if the development or rising crude prices is the major reason here when the seven members met and they thought that you know something let's trend observe things a little bit more of the wait and see attitude before respond that is why they buy what he says a majority decision they decided to hold the rates at what they call 14%.
What goes into that? But if you ask that so what would this mean for businesses?
Well, right now the major benchmark for reviewing or assessing rate here in Ghana is what they call the Ghana reference rate. Now, there's a fraction that looks at the treasury bills rate.
There's a fraction that looks at the interbank lending. Then there's a fraction that looks at the policy rate, >> right? So if the development on the treasure balls market doesn't change that much and the economist will see all other things being equal, we don't see government being forced to hide the rate to try and mop up more then there's a likelihood that for the next two months you might not see cost of borrowing or if you are servicing a loan seeing that much cost going up because of the decision that the bank of Ghana has taken because if the if the policy is being kept at the same If there isn't any significant movement on the TU rate and there isn't any significant movement on the interbank lending cost as well then >> that what you should look at this is saying that the cost of credits will remain virtually there won't be much movement when it comes to interest rates or it more expensive now to service your current loan.
>> Now there's more inside more to enjoy more to share. Fortified with iron, zinc and vitamin A concerns about the energy cost and how that he's also given us some signals that listen if this development in the middle is continue you will see the reserves being depleted. you will see the the city taking a hit. But the good thing is that is the reason why last year they move fast to build up more reserves. If you have a reserve that can stand about more than five months of input cover, five months of input cover, it means that you've gotten to that place where you can now absorb the shocks a little bit. But when you see the rate going down, don't run. Ah, I said it.
>> You will see the reserves taking a hit a little bit, right?
>> But some will see that maybe these developments in the Middle East might not last that long. But if you should continue, your reserves are going to take a hit. Your city will depreciate a little bit. Last month we saw appreciation. This month he's done almost 2% depreciation and so we could see some bliss. But again he give us some assurance that if they are working with the inflation targeting where they want to watch inflation and act and hike the inflation hike their policy rates and all those things. He thinks that going forward this year they will still be within that band of the 8% plus two or minus two. meaning that we could end up with the year with inflation being at 10%, 2% or maybe 7 or 6%. So they might not take any drastic actions that could change the course of things or how things will look at. And for me, these are some of the things that I I took from it. But again, if you look at their decision to stop financing gold board, he's saying that now the GOG or the Ministry of Finance will now step in. The good thing here is that what they were using to finance this BG can hold on. If they're using FX and all those things or even if it's the Ghana CD, they can hold on that one >> which could have an implication on inflation and also that use those FX or even if it's Ghana CD to finance other critical things in the economy as well.
So you might look at that and say that that should be bad news but from the governor he's looking at the bigger picture about how do I use this action to check liquidity in the market which will now be positive for us when it comes to inflation and also we can use that money to finance other things critical petroleum imports medical imports and maybe uh financing crude imports to actually support power production when it comes to have plans in the country.
>> George Rafi there he's joy business editor here at the multimedia group.
Thank you very much for that in-depth analysis George. Now the minority is challenging government to explain how it intends to meet its revenue target after missing first quarter projections.
Ranking member on the economy and development committee in parliament Kujo Pon and Kruma says both tax collections and oil revenues are falling below expectations creating what he describes as a widening revenue gap. He says if government intends to maintain its revenue target. The finance minister must explain where the additional revenue will come from without introducing new taxes or placing more pressure on households and businesses.
engine of our republic is palry. The first quarter revenue the program target by about 4.5%.
Oil revenue fell from about 19.8 million Ghana cities in 2024 to 8.7 million Ghana cities in 2025 and first quarter oil receipts this year were about 37.6% below target.
Does the 268.1 billion CDs fullear revenue target still stand? Mr. minister or are you going to revise it downwards? And if it still stands from where are you going to close this gap without new distortionary taxes on households and businesses? It's important that we all keep an eye on this figure, the revenue figure that parliament has approved. And as he delivers the media review tomorrow, we ask ourselves with all of this underperformance, is he going to review the revenue target downwards? or if he's keeping it then the question is where are they going to close the gap from because if it's not closed he cannot spend on the promises that they have made well the minority is also accusing the government of creating confusion over Ghana's debt position by publishing conflicting figures through different state institutions porn and Krummer again argued recent borrowing has already placed Ghana's long-term debt targets at risk and is demanding that the finance Minister published one reconciled debt figure together with the methodology used to calculate it.
>> The Bank of Ghana is reporting that debt is roughly about 45% of GDP now as of June. The IMF is also projecting that it will get to 53% before the end of this year. Now given that Ghana's program with the IMF projects debt to GDP ratio to reach 55% of GDP by the end of 2028, the increased borrowing that we are seeing today means one thing that this target by the end of 2028 is already at risk and that's tomorrow the minister must present a proper debt sustainability analysis to convince the people of Ghana that all the sacrifice and the work that the people of Ghana went through to reduce our debt burden is not in vain.
Colleagues, I'm sure you recall that just yesterday in parliament, they came for nearly $1 billion approval. And so already the debt target by 2028 is at risk.
The government should not try to hide this reality in the impending rebasing of the GDP. We will fish it out and we'll calculate for you pre-rebasing and postrebasing what the new debt to GDP will be looking at the way they've started debt accumulation just 9 weeks after the IMF left town. But it even raises a bigger question. What does the IMF know that the government is not telling them yet? What is included and excluded and on what GDP base? The review must publish one reconciled figure and one methodology.
Kujo pony kumar is the ranking member on the economy and development committee in parliament. High expectations from Ghanaians ahead of the finance minister's 2026 media budget review are already building up in 24 hours. So the policy document is expected to outline the current health of Ghana's economy and what to expect in the second half of the year.
and my colleague Michelle Latte just returned from the central business district here in Ara where she has been interacting with some traders. Listen to them.
>> Tomorrow the finance minister will present the midyear budget review where he's expected to update Ghanaians on Ghana's economic recovery plans and also the fiscal discipline measures that have been put in place and Ghana's growth plans for the second half of the year.
But the major question to Ghanaians is whether the reported gains in Ghana's economy is translating into their lives and what they hope to hear from the finance minister tomorrow when the budget statement is read. been speaking to some Ghanaians wanting to understand what exactly their expectations are. There's a trader here at um just around Tudu and Mola. Ma'am, good morning. Tomorrow finance minister is reading the budget expectations.
Okay.
Right. So, this particular trader here says that she's hoping that the prices of goods in the market will reduce as um the budget is being read tomorrow.
>> Things been a bit you know um affordable for us. Still are seen on increase. some people you know opted to I mean increase things on their own. So uh if the government you know can do the best as they can to make sure there's been a bit reduction I mean in the market you know will be okay for us. Oh, I want the government to do better on our finances because I want like if I come to market with thousand Ghana, I want to be able to get a lot of things that I needed.
Right now, I'm these things I'm carrying right now. All this cost almost 1,0002.
But look at the things you see.
stationation is great. You have to be big because now the system is hard especially the dollar have to come down a bit so that we can also buy things in town. Now the market is down the system is getting too hard. So tomorrow's budget I'm expecting that everything will come down then all the youth in the uh system will also get their markets and do so that we can progress in the country.
Well, those are the expectations of traders here in the capital. Artisans and traders at Ghana's largest automobile and industrial enclaves magazine in Kumasi are anticipating economic reforms that will bolster their businesses and livelihoods as the finance minister prepares to present the media budget review tomorrow. And my colleague Emmanuel Bride Quoku is standing by with the very latest. He is interacting with some of them and he's joining us live. Emanuel, what can you tell us? Asia at Forson's um presentation of the midyear budget review to parliament to the floor of parliament tomorrow and we want to know um the expectations especially for the artisans here who form a largest part of our informal sector contributing um some 70% of GDP and so want to find out from them what is their expectations and in fact what they make of the economic system currently for the past um 6 months into the year um 2026. six and I'm being joined by some leaders um here at the Swami Industrial Enclave as we all popularly call it as Swami Magazine and I want to find out from them um what they make of this year's um system how the economic policies are affecting their businesses even their their livelihoods and I'm joined by these three um gentlemen. Daddy I I I want to find out from you what do you make of the system now economic policy it's been 6 months now what do you make of it?
Okay, I would like to speak so that my uh my colleagues will understand what I want to tell actually this thing from the previous we agree with them but as a dollar system are still here because Meanwhile, [clears throat] I refer you to the Bank of Ghana. But I refer you to always dollar.
Bank of Ghana.
This government, the previous government because for change.
I refer you to us.
forchech.
dollar. Okay.
Sure.
And so um that's also concerned from um an artisan here. He is actually concerned about the dollar rates at the ports and that is affecting their businesses here. Even though the government claims that the dollar is appre or the city is appreciating against the dollar, unfortunately they are not feeling that on their business.
I also have this man with me. Daddy budget law.
Okay.
Okay, two months. Two months.
mobile mobileions of people say 80% foreign Nigerian number All right.
Okay.
bedroom.
It was a bad [music] 5 10 Those are the reactions from Swami Magazine in the Ashanti region. Let's do more on this and hear from both the economic and political actors. Starting with Professor Godfred Bachin. He's an economist and a lecturer at the University of Ghana Business School who says the media budget mass outlined clear plans on how the government intends to sustain the economy beyond the 17th IMF program.
>> We've made some good progress under the 18th IMF supported program. Actually we have been saying the 17th IMF supported program but on the IMF website this is the 18th program arrangement of Ghana since Ghana officially joined the IMF on September 20th 1957.
So [clears throat] that that means a lot for us. Um but I think more importantly is how we are going to sustain uh the limited gains that we have made under the IMF supported program and what measures government will put in place and maybe perhaps beyond the policy coordination instruments and of course to date we actually don't know the the number of policy reforms that are in the ECI and therefore we are unable to make a impactful assessment of what that would mean for for us going forward. The expectation will be that the the government releases a media review to give us a little bit more updates on especially on the whole IMF supporter program as we exit. We know that probably the board will be meeting maybe on 29th of July or so to consider the final review and then also what the way forward will be. But we do know that um there are structural uh weaknesses in our economy and despite that this current program has restored debt sustainability, we have essentially moved away from that's Godfred Bin there. He's a professor of economist and uh deputy director of operations at the presidency Mustafa Mande says the review must focus more on government expenditure plans.
>> Last one and a half year [clears throat] uh unlike before we have been doing as a government a cleanup.
>> Mhm. restructuring what used to be the normal play of things, >> right?
>> Where we come, we float in money, people take contracts and they inflate the contracts and institutions are overspending, they are spending. Anyhow, in the last one year have been a deliberate policy framework targeted at regulating expenditure.
>> Mhm.
regulating expenditures that money can be saved to pay off some of the commitments that is hinching on the neck of the country >> to free space for government to build and so I have never committed or I've never regarded the two years or the one year 8 months of our government as a proper governance stage I see it as a process a stage of cleanup where all of us must hold ourselves responsible for where we are >> because we've allowed the politicians to you know go away with a lot of things and so government come to power institutions are spending without priority today the significant celebration that we must accord to president mahama's finance team from gold board from bank of Ghana to the ministry of finance is the fact that institutions no longer spend without proper scrutiny at what they do.
>> Meanwhile, the deputy ranking member in the finance committee in parliament, Steven Ammo, says a side in the house will do everything to keep the government in check. One of our top functions is to scrutinize government policy, ensure that we put government on course to conform to the the the PFM act and then also make sure that our operational rules and then our fiscal anchors when it comes to just sustainability anchors and then our hidden targets in these areas, our primary balance target and then then our just sustainability targets and other things are confirmed and then the requirements of the PFM act and also to manage the exclusion clauses there because sometime we take undo advantage of the exclusions also >> crosses and then we actually kind of undermine or underperform our our our compliance when it comes to what the the legal tools require of us or require from us as a state. So finance committee we're going to be very very very resolute. We're going to make sure that we become watchd dogs and make sure that the government does the right thing. And this is what we are going to do. And of course, we're also going to be very supportive and make sure that that fiscal discipline that we need as a country in terms of our expenditures and other things we keep to that. So we are going to work closely with the government but make sure that we are going to be very fair both uh minority and majority on the committee. We are not going to toy again with some of these executive policy.
When we return from the break, we'll take you to the courts. See you in a moment.
You're welcome back. Flanked by prison officers, the jailed Ashanti regional chairman of the MPP, Bernard Triboy, popularly known as chairman Wimi, made his first appearance at the Acry Court in a prison bus after spending two nights in custody following his 20-year prison sentence over the Samurai boy illegal mining case on Monday. The embattled politician, dressed in a neatly tucked white long-sleeved shirt paired with black trousers, was ushered into the courtroom through a rare entrance in an apparent attempt to shield him from public view. Let's now take you live into the courtroom as to what happened there. And the person who was there for us today was Fatal Bayaga.
He's joining me in studio. Fatau give us a pictorial evidence of what happened in court today when Wami first of all came in. How was he looking like?
Ken, the wound I saw today is different from the, you know, everyday wim who always appeared before the Acra High Court. And in fact, uh, when he came into the courtroom, this man was looking grim, groomsy and somber, right? And in fact, Ken um, W to mostly comes to court, you know, using that his recently acquired trademark, I clock it and all of that, waving at people and all of that. But today it was a different thing um altogether because um he was very calm, he was quiet as he sat in the courtroom just to uh you know briefly uh listen to what happened in court today.
So uh Ken there was so much difference when you when you when you're talking about W to the W to me I knew before this judgment and the wi who appeared before the Ara high court today >> there was so so there was vast difference to me spent a few minutes in court before the case was ajourned what happened >> absolutely so he was in court because of the tenonary um you know illegal mining case one of the high-profile illegal mining cases that he has been prosecuted for and basically he came into the courtroom and today it was scheduled for cross- examination of the third and final um you know uh uh prosecution witness. So when came into the courtroom he was told that his lawyer and the had written to the court that he wouldn't be available for this particular uh case to continue and I was quite surprised that >> you know and the wouldn't inform his client. Yes, we know that now he's in prison, but then could have informed the prison officials that he wouldn't be available.
But they only got to the courtroom and then the trial judge uh Ruby Aiti then informed them that your lawyer brought a letter and said that he wouldn't be available for this particular proceedings. So basically what she did was to adj this case to the 31st of um July where they'll be back again for the cross examination to continue.
>> That's quite interesting there. Aside from M to though the embattled former CEO of the Bafa stock company Abdul Wahhab Hanan was also in court today.
>> Absolutely. Uh Ken, so former um attorney general Greame who is the lead council for Hanan was on his feet in you know criminal court three which is also known as a specialized court one and basically in that room what he said was that the charges that the prosecution has preferred against his client he said these charges are you know fatally defective uh they are in controversion of his client's right to fair trial. In fact, he also explained that they are vague. They are of abroad among other, you know, things that he he talked about these charges. And basically, he's seeking the powers of the court to strike out these um, you know, charges.
He said that if the charges are used to prosecute his client, then it means that the trial will not be, you know, fair, right? So when he made that point then the deputy attorney general who represented the prosecution was on his feet and basically what he said was that he strongly opposed the you know motion being pushed by the the defense and his reasons are that the charges are very clear they are understandable among other things. So when he made that point then the trial judge Francis Apanga listened to all their arguments and said tomorrow let's come and then I'll deliver a judgment on this.
Ken, tomorrow the 23rd of July, Francis Apanga Chibonga would deliver a judgment on that motion and what happens if he upholds the motion it means that the AG would have to go file different or new charges. If he dismisses it, Hanan uh and his wife the trial will continue from there.
>> Interesting there. Thank you very much Fatal Bayaga reporting to us from what he witnessed at the courts today. Away from the courts, let's talk education because the country's education system is set for significant changes following their presentation of a revised national curriculum designed to address learning gaps and better prepare learners for the future. The National Council for Curriculum Assessment, NAKa, says the review follows a comprehensive evaluation of the existing curriculum which identified major learning deficiencies particularly in maths, Ghanaian languages and other core subjects. The revised curriculum introduces four major structural reforms including the integration of computing and coding, greater emphasis on ethics and values, and expanded opportunities for foreign language learning. Speaking at the presentation, executive secretary of Naka, Professor Samuel Oferib said the reforms are intended to produce a valuebased curriculum that equips learners with both academic knowledge and the skills needed in a rapidly changing world.
>> We did a curriculum mapping to identify what we have to do. So honorable minister basically uh four major structural changes have been brought into this uh review curriculum.
One is the consolidation of civic learning competencies. It used to be uh across many subjects but we were looking at because we didn't want to introduce any new subject to overload the students. We are looking at a subject that can hold all these computers being the knowledge, the attitudes, the values and then the skills that learners need to become effective uh civic participants in the in the in the Ghanaian economy. And so we went through the old curriculum and realized that in the past there was this subject citizenship education that was sil and then work was brought.
But we felt that a consolidated stand that can take all these things together history and all these things that better assist with citizenship education than what was previously there. So we are proposing with what we are submitting that citizenship education should be the standard that will consolidate all the civic competencies and learnings that will make uh our learners functional.
[snorts] The other thing that we also added uh based on your instruction is at the with the computing and mathematics we deliberately have introduced aspects of coding. So in computing it's called computational thinking. In mathematics they call it quantitative thinking which are the basic skills that learners need to learn to grasp the concept of coding and then automation AI going forward. So we have taken care of that.
>> Let's get talking on this and uh Steven Mensah was that that particular press conference is joining me in the studio uh with more. Stephen, one of the key changes is the introduction of coding and computing. Tell us about it >> for Naka says that this is in to ensure that pupils get an upper hand as we understand that the world is rapidly changing in the technology space. He says it's to give the students and pupils an upper hand and in the system and together with STEM they're going to teach the children how to identify patterns. You would understand that coding involves some languages, Python also involves some languages, right? And this is just the basis is to ensure that the pupils get an upper hand, they're able to adapt to the rapidly changing world.
>> And then the curriculum will also be providing the opportunity for students to be able to study Chinese language.
>> That's right. So the director general that's professor Samo he says that with this language conficial center is going to start this pilots project with 10 schools and then it's going to expand as it goes on and this is purely optional this is to ensure that students as a matter of fact get an upper hand again for them they would wants the students to understand the language given that get understanding the language gives an upper hand you get to understand and be able to have better conversations everywhere you go. So students are going to be taught this optional but then Confucial Center is going to lead this project with 10 schools for the start. We can listen to him.
>> Looking honly that now Ghana's major trading partner is China.
Many people go to China to do uh all kinds of trade and all those things. And so we felt that uh if we are to give opportunity it's not compulsory but an option for people who want to learn Chinese would that be okay we did that because already the conficious center in Cape Coast had taken the lead had come to us and collaborated with us to work on some kind of curriculum for the busy school.
So we thought that it will be important to bring that onboard and also propose it to government as an additional foreign language. Uh that if the resources are available in the uh schools that have the teachers can start the confusion center says that they are ready to sponsor about 10 schools for now to start as a pilot. So uh they are ready to come to GES for GS to give them uh suggest those schools so that they can pilot they have they have three teachers who can handle the 10 schools at the beginning. So that is what they have and then also we found Arabic although had been in the system for long but there was no standardized curriculum for Arabic different schools were using different Arabic curriculum. So this time also we have standardized the Arabic curriculum also from P1 to P6 and uh the other structure change is assessment.
We deliberately have made formative assessment as a core issue in the curriculum.
>> Steven Manson is still with me in the city of Steven. We also been hearing from the sector minister Harin Adrisu.
What has he been telling you? Well, Harry Naidu interestingly says that if he wants to be remembered and I quote, if he wants to be remembered as one of the best or the best education minister, this is the reform he would want to remember by the reform the revised curriculum and he says that he's going to ensure and has given in fact given the Ghana education service a week ultimatum to provide some structural framework an administrative framework for the implementation of this program and he believes that this is one of the most revised and best curriculums for the country currently. We can listen to him again.
>> The GES is given one week from today to review and bring the curriculum up to full implementation readiness and strict quality as standards. This will ensure that the GS as an operational agency takes ownership early to guarantee smooth execution in the classroom and align administrative policy with classroom realities.
I am particularly enthused and enthused that today as we remind the years I had the director general of Naka on the medium of teaching and learning from kindergarten to basic year three and accordingly I accept your recommendation that Ghanaian language be the medium of instruction from kindergart. 30 to basic year three.
Learners at this level will be taught to read in a Ghanaian language. English language will be taught as a subject with an explicit emphasis on playbased oral activity.
This is because grounding early learning in a child's native language significantly improves cognitive development and reading comprehension which actually accelerates second language and the media don't go and report that I'm saying that English is a second language. I'm saying that at the basic kindergarten level English remains Ghana's official language of medium of instruction. But at the basic level from kindergart basic kindergart to primary trade our emphasis will be on the use of the local language.
Well Ghanaians have had the promise a 24-hour economy jobs multiplying across shifts industries running round the clock. But out there on the streets and in parliament the question on everybody's lips is simple. When does it actually start working? In parliament, minorities KO and Kruma has already questioned what nearly 650 billion Ghana cities and government expenditure has actually delivered under the program. But the 24-hour economy secretariat has pushed back, insisting the program isn't being financed from that budget figure at all, that it runs largely on private sector investment, not direct public expenditure. So, who's right? And more importantly, when will ordinary Genians start to feel the difference? Well, today I put that question directly to the man who can help us answer them, the chief partnership officer at the 24-hour economy secretariat at the office of the president, Dr. Ishel Ni Dodu. Dr. Dodu, welcome to the program. Uh, >> thank you very much indeed. We >> we we've heard times are plenty about this 24-hour economy, 24-hour economy.
When does it start? Ghanaians are asking. Has it even started?
>> Well, as you know, um July um 2nd, 2025, the program was launched. Um and the in >> looking to level up your life and business game. Welcome to the number one podcast for business and self-development. connected >> is in terms of um his vision, his ambition and what he's going to do to to to um to drive the economic ambitious economic transformation agenda that we set ourselves all within the context of the resetting agenda and so on >> and and the 25 economy is the catalyst for industrialization for export promotion and ultimately to create about 1.7 million jobs that what we set ourselves to do and it's about an economy that work for everyone every hour of the time and so uh right from the July 2nd um you know when the program and policy uh framework was set out that's when it started uh and before that we have spent we spent between January to June um consulting with nationwide u with particularly with beneficiaries of the 24 economy people on the street market people um GA AGI EA um all all the all across the various sectors of the industry and with academia and with civil society and everybody to be able to frame this program that we believe is what Ghana needs and it's really the antidote that Ghana need. We also spend time to look at all the policies of government from 1960 all the way till uh till to till to till to till to till to till to till to till to till date and we asked three questions. What worked well? what did you when what did he work well and how could they improve? So we extracted a lot of lessons. We also look at countries that have um implemented such similar ambitious agenda particularly Singapore because we we we we always try to look at Singapore and Ghana in our trajectory of economic growth. So we looked at Singapore, we looked at Vietnam and what they're doing uh which is very very interesting. We look at Chinese um economic revolution and we also look at our our countries in Africa such as Egypt and um and Rwanda and we learned some very good lessons. So the program look at the policy program document. It really frames [clears throat] very strong approach to what we have to do critical analysis of the Ghanaian economy and the key areas where we have to stimulate jobs and the key areas where we have to strengthen industrialization. So >> we started and we are we are working very hard around the as you can see I'm 24/7.
>> Oh are you [laughter] good? The promise was to create 1.7 million jobs the 24-hour economy >> in four years. Yes.
>> Yes. in four years since its inception on the 2nd of July per your words 2025 how many jobs has it been able to create 24 economy >> um if you look at the recent statistics from uh Ghana statistic services you looked at the unemployment rate has really drastically reduced from 14.1 it was to 9.4 and today it's about 6.4 we we are trying to move it to uh to something around 5%. So it shows that with the unemployment rate reducing it shows that the number of jobs have been have become. Now >> um what we are doing um is really number one to lay the foundation in terms of providing institutional setup. um looking at the obstacles that are militating against the industrialization vision that we have um in terms of addressing things like um energy, the incentives um the issues around um land, the issues around patient [clears throat] capital that can stimulate small medium enterprises to go on market. Mh.
>> We have to lay those foundations very clearly. And one of the things that it was really on the minds of people is that when you start a wonderful ambitions program um which are set to deliver tremendous and magnificent outcomes for Ghana then you know regime changes and then we we scuttle it. So it is extremely important that this becomes an agenda, a blueprint transformation agenda that provides a clear developmental power with forests and so the institutional structure of the 24 economy um authority is very very important and we spend a lot of time to do that and within a short possible time we able to establish that to an act of parliament. So that's a tremendous work that actually went into that. And then the other one is really um some of the obstacles that will against industrialization and creating the jobs and the ships and things that we have talked about critical to energy. As we as we said, we have set out an agreement with a very major producer of energy uh that is investing close to 11.5 billion um of of renewable energy and an energy that will cost between 6 to9 cents per kilowatt hour so that it will make our our manufacturing very competitive. I mean these are very very important undertaking that becomes greatly the foundation that you need to lift up in industrialized setup. We are only one year old but we have been able to set the foundation for fasttrack implementation which we are doing at the moment.
>> So you're not able to tell me the number of jobs it has been able to create in one year because um the 2nd of July 2025 to the 2nd of July 2026 that's one year and a few days. Yes.
>> Can you give me an approximate figure of the number of jobs you've been able to create?
>> Well, you know the 24 economy uh program >> mhm >> um is very clear in the sense it's very clear that we're working in private sector to be able to create those jobs.
>> Now what I've indicated to you that when you look at the unemployment rate it just tells you that >> with it lowering means that jobs have been created. Now the normal we have about 33 you know industries uh who are actually running the shifts and running three >> and they you know they they in those in those spheres they also have you know they've they have people that are working shipped one ship two shift three and those jobs are have been created through that but I can tell you what some of the jobs that um have been created in government so we have the ports and harbors authority that are running shift and they have they have created quite a number of jobs. I won't be able to give you the the specific numbers because we don't write the industries and I I may air in the numbers that will tell you but what what I can assure you and which you can validate is the fact that once you have unemployment rates moving down downwards as it is going it translate into a certain number of jobs >> and those those number of jobs you can extrapolate them from the Ghana statistics. But at the same time though we also have um unemployment rate among the youth also going up. It's now more than 30%. At least the latest figures that was given to us by the uh national development planning commission shows that there's been an uptick >> in youth unemployment in the country. So really if this one is creating jobs is it going to people who are not younger people? If you are to go by the statistics provided to us by the NDPC or you are not able to tell us.
>> No the jobs uh the the trendy economy program is targeting necessarily the youth and employment youth and employment situation.
um the jobs that we are able to create as we roll out some of these projects if you if you look at the the the jobs that will be created through the um the bup solar energy complex is about 130,000 jobs which has been estimated >> okay >> the jobs that we pro provided by the uh the caboni oil complex you know that is >> producing 40,000 crude crude palm oil into various derivative of products with serious uptakes uh in industrial setup is close to about u 100,000 jobs or so.
So there for the industrial parks we building the agricological parks that we building the the projects that we develop that that today are very investable bankable projects that are going to be on stream in the next few months.
>> Mhm. we'll be able to tell you the job estimation that is going to okay and those job estimation uh this year we're looking at probably about 500,000 jobs if we able to to hit those if they all of them come on stream this is what is going to happen now they are targeting youth these jobs are actually necessarily targeting the youth and employment they are in the types in they in the types of skills or variety of skills in industry that we are looking for so we're talking about those in the manufacturing sectors those in biochm chemistry, those me uh mechan mechanical engineering and so and so forth. So those those we'll be able to tell you those statistics in terms of even skills as they're going to do it. One of the things we we we are we we are doing is to be able to come out with a a digital framework across all the countries nationally where you will see where the jobs are in terms of skills required whether in each of the regions the type of jobs the companies and so on that you can apply and be able to um to get the jobs. Okay. We want to be able to facilitate as we create the jobs. We want to be able to facilitate the youth to know where the jobs are created so they can also apply to those.
>> You you you tell me that over 300 industries are now enrolled onto the 33 >> 33 industries are enrolled onto the 24-hour economy. You've you've already mentioned the Ghana ports and habs authority. This is government agents.
These are private 33 and then we have and then we have a 268 filling stations now which are rolling out 24/7 with with NPA.
>> The the filling station is where the minority raises concern that already filling stations most of them are running 24-hour economy. So how can the secretariat claim that it is through your 24-hour economy policy that is why these filling stations are running 24-hour economy? In fact, just today the ranking member on the economy and development committee rehashed it >> in the press conference they held at the party's headquarters. How do you respond to that? That >> I would say that that's largely incorrect because we met with the downstream petrol services and we've been planning we've been working on this for close to uh 3 4 months. They're not working 24 hours. They have significant challenges in running 24 things around security for example. Um and then they also need a traffic to be able to do that. So there was serious studies around these things. Um we we engage the petroleum down petroleum stream the association the MPA transfire economic authority and and all the security services that that are there uh police immigration and so on looking at borders and so that we'll be able to create a scenario that will provide security for them to be able to function. Then digital services those they are piloting with different types of innovations including for example not using cash cashless you know filling station so you can use no more to pay for the purpose that you need to be able to to to run this pilot to see how it's going to fair in its entirety across the nation. Of course, there may be regions where it is you have to start very very slow and there may be areas like for example in Ara uh where there are traffic or um you know acra tak you know Cape Coast or Kumasi where there are traffics on the road that you'll be able to start big and and this is what we've done and you see it's all in the news um you know so it is quite incorrect to say that they're running 24/7 because I mean you know it you you know you Hey um you will go out and you know enjoy yourselves and coming home and you are short of fuel and you can't go to a filling station some stations to be able to get it but we are now having about 268 of them making Okay.
making very very available to you.
>> How are they distributed? Is it largely in the urban centers acra kumasi?
>> It's urban per urban for now and then you you keep moving >> you know. So it's it's a pilot scheme and they they learn as they go along and then they roll out and scale up very very very strongly.
>> So you you you mentioned that you assisting with security.
>> Security is part of it. Okay.
>> Yeah. So if you see um today uh this the the CEO of MPA 25 economy and then and the and the police service um there is also um the ambulance service and so you know it is to to make sure that they feel comfortable as business people rolling this 24 program out that's the security for them.
>> Yes. Okay. Your >> and this includes the oil producing companies as well.
>> Okay. Your secretariat has family rejected the idea that uh more than 600 billion cities cited in parliament uh is financing the 24-hour economy and uh of course those concerns were raised by the minority. You're saying that it's private sector driven instead. Can you clarify then right >> where that 650 billion Ghana cities was spent in. So in our press release we we explained and that the 750 billion Ghana cities was the the budget appropriated for all programs budget appropriated for all programs u by government. So all types of initiatives whether in cooking kitty or 24 programs initiative or other types of programs that that government with public funds is stimulating this is the appropriation for it. So it is not true.
It's not it's incorrect that this is what has been uh uh approached to the 25 economy. Now what government >> we're very clear when the program was launched that private sector will lead and government will stimulate this or we enable the 24hour program to take off.
So what we are what we are the budget we have prepared for government is is to to look at number one paying for operational operational cost of setting up the secretariat having the capacity that you need to be able and the logistic to be able to do your work and then the second one is uh viability gap funding for project operation mind you to attract the needed investment or private sector interest to be able to invest in the strategic programs that we put in place in the agroecological parks and industrial parks um which we are setting up to be able to for example look at accelerating industrialization process. You you would need government to put a skin in the game and the skin in the game that government put in is is is these funds that goes into project preparation for bankability and a viability gap funding as we set up a small purpose vehicle. So you have some some funds in it to attract the private sector to it and we are working Ghana investment in uh Ghana uh investment infrastructure fund uh which have got tremendous record for being able to turn around uh within a ratio 1 is to 10 whatever funds that you put them to attract the needed private sector funds into it. The minority again is challenging the 24-hour economy secretariat that as we speak right now there's not a single government agency that has employed more people to run shift because the slogan of the 24-hour economy was one job three people three shifts >> again that is incorrect if you can validate if Ghana post and harass authority they have all the figures there to tell you how >> so so let let's take them one at a time so the Ghana Port and Habers Authority that you mentioned.
>> Yes.
>> Are they now employing more people?
>> They've employed more people because of the 24-hour economy.
>> Where else?
>> DVLA has done it >> has also employed more people.
>> More people because we run shifts. Okay.
>> Um then the health services as well have done the same. The exact I mean Ghana health uh Ghana health services. Okay.
Then the hospitals and things a normal government agencies that are that are doing that. Of course it's not >> but the hospitals the hospitals are already running 24 hours >> the the they the expanded 24 services >> also if you look at some of the recruitment that were made in the in the security sector also take into account for example the police has got a huge program called pleasing the 24hour and that comes with capacity. So some of the some of the services recruitment that are happening it and the immigration and so on is all as is taken to account the capacity they need to be able to to do these these services.
>> Does the 24-hour economy secretariat to run 24 hours?
>> We run 24 hours. You can >> do you?
>> Yeah.
>> So you're running all the time?
>> Well, we we work all the time anytime. I mean whenever you can you can reach out to us. We always >> So, can I walk into your office at 2:00 a.m.
>> and find people?
>> Well, you you you know the the issue is this.
>> We are secretary providing administrative oversight and and pushing the this uh agenda and policy.
>> Whatever you need, we'll be able to to to help you out.
>> Okay.
>> Yes. Uh would you say this has been a success or a failure uh one year down the line since it was formally?
>> Tremendous success. Tremendous success.
For example, >> for example, now if you tell somebody I'm going to build a house, what do you measure him by? You measure him by the house, by the building, or you measure him by the deliberate strategy and intentionality making progress towards building this house. You say you in the media you always say Rome was not built in a day. How then do you do you imagine that such an ambitious program of transformational nature would just come by dent of pronunciation. No, we have to work at it. So you measure our success by the the the number of things we've done.
Number one the policy and development framework to be able to structure the vision for us to see to know where we are going.
>> Okay.
>> You we measure measure as by the number of investment that we are able to attract um and the pro and the projects that we able to develop that are bankable that enable the investment to come in to get the private sector to move in. Within one year we able to attract about 11.5 billion foreign direct investment.
That's that's a very huge undertaking.
In some countries, the FDI by a government agency to attract it may probably at a scale of 10 billion that we 11.5 billion we're talking about would have taken them 4 years. We've done that less than a year and the other point is our anticipation of the real obstacles that are militating against our industrialization process. You want to create jobs, you must build industries.
You must create new avenues for jobs.
You must build and then working with markets, working with industry to be able to address some of the things that make them inefficient.
>> Right?
>> So anticipating these obstacles, putting energy around that, structuring solutions for it. These are the things that you measure any ambitious program by in terms of success. It has to be incremental. And we believe that within the first year we leave a very solid foundation.
>> Now when incentives are legislated and they come on board the private sector will take it immediately. The other thing is getting the cheap patient capital available also for small medium enterprises to be able to get the vast amount of powerful made in Ghana products to be in our markets.
>> Right. You cannot import 350 million dollars of yam every year. It's such unacceptable in an economy. We have to be able to substitute that.
>> Dr. Ji, we have to go, but this will be my final question for you. Final one.
Um, the promise of course was that you are going to help create 1.7 million jobs one year down the line. That means that every year there has to be an approximate figure of 425,000 jobs one year down the line. Would you say that those estimates have been met?
425,000 jobs have been created through the >> No, we've started slow. So, we have not met those estimates. But I believe that we've able to create probably uh a third of it. But by the time we start accelerating the establishment of industrial parks and so on and and some of the projects that are online that I have I've talked to you about we'll be able to meet this. So you measure measure us by the number of jobs by December be able to tell you exactly how many jobs we'll be able to create.
>> Thank you very much. Dr. Ishim Judu is the chief partnerships officer at the 24-hour economy secretariat. Thank you.
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